Day 1: Investors embrace Gujarat

Investments in Gujarat were the order of the day at the inauguration of the Vibrant Gujarat Global Investor’ Summit on Monday.

A galaxy top industrialists were all praise for the abilities of Chief Minister Narendra Modi — the investors’ summit, incidentally, is the fourth since Modi took over the reins of the state first in 2001 — to facilitate an investment friendly atmosphere in the state.

On-the-spot announcements of investment decisions by top corporate tycoons marked the session.

Tata Group chairman Ratan Tata announced his companies would invest Rs 21,000 crore in Gujarat in the next three years, apart from the Nano car plant.

Shashi Ruia of the Essar Group declared an investment of Rs 24,000 crore in the petroleum and solar-energy sectors, while Larsen & Toubro’s A.M. Naik announced signing of nine MoUs to invest Rs 25,000 crore in manufacturing, power and road infrastructure sectors. Gautam Adani of the Adani Group announced investments of Rs 27,000 crore in Mundra SEZ, power transmission and other projects.

State Bank of India chairman O.P. Bhatt said the bank would invest Rs 30,000 crore, including support to the NREGS to create one lakh jobs, in the next three years.

Other corporates which announced investment decisions included Videocon (Rs 12,000 crore), ONGC, Suzlon, Welspun, Bharat Forge and Air Deccan.